Suppose Capital One is advertising a 60-month, 5.56% APR motorcycle loan.If you need to borrow $7,800 to purchase your dream Harley-Davidson, whatwill be your monthly payment? (Note: Be careful not to round any intermediatesteps less than six decimal places.)Your monthly payment will be $(Round to the nearest cent.)

Annual Percentage Rate (APR) = 5.56%Monthly rate (r) = APR / 12 = 5.56% / 12 = 0.4633333333% or…

Answered: Suppose Capital One is advertising a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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Suppose Capital One is advertising a 60 month, 5.58% APR motorcycle loan. If you need to borrow $8100 to purchase your dream Harley- Davidson, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) I keep typing this into my Ti - nspire but it keeps giving me the incorrect answer and I do not know why. (8100*0.465)/ (1 - (1 + 0.465) ^ - 60)) which I know isn't nthe correct monthly payment...
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Bha

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